00:00If you look at semis, so where are they spending all this money?
00:03They're spending it on chips.
00:05That sector is actually up today,
00:07while those other five I named are down 3.5%
00:10that are actually having to get into this AI war, CapEx war.
00:15So you want to look at where the money's being spent,
00:19not the guys that are spending it
00:20and having to raise a bunch of debt or equity to do it.
00:23And that's kind of how I'm thinking about the world,
00:25and that's why there's probably a speed bump coming
00:28when the guidance is given.
00:29The quarters should be great
00:30because you've got token maximization driving the June quarters.
00:35My question is, well, if you're routing things to cheaper models,
00:38well, what does your September guidance look like?
00:40And that's where I kind of see a speed bump coming
00:43when these guys report and guide.
00:44So what are you doing right now?
00:47Well, I mean, you know, late March,
00:49it was pretty much a no-brainer to get involved with these names.
00:53That's why I put out that note saying,
00:54hey, history may not repeat itself, but it often rhymes.
00:58What I'm doing right now is I'm backing away
01:00from a lot of the hyperscaler-type names that we talked about
01:03and saying, okay, the chip stuff,
01:05that's where they're spending all this money.
01:07And that's where they're spending all this money.
01:07And that's where they're spending all this money.
01:07Grazie a tutti.
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